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Chinese Property Stocks Fall After Media Report on Price Cutting

Nov. 1 (Bloomberg) -- Chinese property stocks fell in Hong Kong and Shanghai after a media report said some property developers are cutting prices.

Evergrande Real Estate Group Ltd. shares fell 5.5 percent to HK$3.26 in Hong Kong as of 9:36 a.m., while Longfor Properties Co. shares fell 3.8 percent to HK$10.12.

China Vanke Co. dropped 3.5 percent to 8.47 yuan in Shenzhen trading, as Poly Real Estate Group Co. fell 1.1 percent to 10.20 yuan in Shanghai.

Vanke will offer Beijing homes at average price of 14,000 yuan per square meters, 3,000 yuan less than their last offering at the same project, 21st Century Business Herald reported today, without saying where it got the information.

Vanke, Poly Real Estate, Longfor, China Overseas Land & Investment Ltd., Country Garden Holdings Co. and China Merchants Property Development Co. are among big developers leading price cuts in Shanghai, Beijing and Shenzhen, the media report said.

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To contact the editor responsible for this story: Gregory Turk at gturk2@bloomberg.net

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